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TMI Blog2020 (5) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... empt income made u/s 14A r.w.r 8D(2) of the Rules while computing book profit under Section 115JB - HELD THAT:- We noted that no disallowance can be made for expenses relatable to exempt income by invoking provisions of Section 14A of the Act r.w.r. 8D(2)(iii) of the Rules while computing book profit under Section 115JB of the Act in view of decision of Special Bench in the case of Vireet Investment (P.) Ltd. (supra). Respectfully following the same, we direct the Assessing Officer to delete the disallowance. Thus, this issue of assessee s appeal is allowed. - ITA NO. 181/MUM/2019 - - - Dated:- 28-1-2020 - Shri Mahavir Singh, Vice President And Shri Manoj Kumar Aggarwal, Accountant Member For the Appellant : Shri Jitendra Sanghavi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant submits that the above disallowance u/s. 14A of the Act r.w.r. 8D(2)(iii) of the Rules is wrongly made and the same ought to be deleted. 2. On the facts and in circumstances of the case and in law, the Learned CIT(A) erred in confirming the action of the Assessing Officer in computing the disallowance under Rule 8D(2)(iii) of the Rules taking all investments including investments on which income was not received during the year. The Appellant submits that the Assessing Officer be directed to re-calculate the disallowance u/s. 14A of the Act r.w.r. 8D(2)(iii) of the Rules after excluding the investments that have not yielded any exempt income during the year under consideration. 3. At the outset, the learned counsel fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f assessee s appeal is allowed for statistical purposes. 6. The next issue in this appeal of assessee is in respect of disallowance of expenses relatable to exempt income made under Section 14A of the Act r.w.r 8D(2) of the Rules while computing book profit under Section 115JB of the Act. We noted that this issue is covered by the decision of our co-ordinate Bench in assessee s own case being ITA No. 4326/Mum/2012 dated 13.09.2017 wherein it has been held as under :- 8. We find that this issue also decided by the Coordinate Bench observing as under :- 20. The second common ground of appeal is in respect of disallowance u/s. 14A while computing the book profit u/s 115JB of the Act. 21. This issue is also covered by the dec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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